HomeMy WebLinkAboutResolutions - No. 2008-15RESOLUTION NO. 2008-15
A RESOLUTION OF THE LODI CITY COUNCIL
FORGIVING THE LODI VETERAN'S MOMUMENT
FOUNDATION LOAN BALANCE AND
WRITING OFF THE DEBT
WHEREAS, the Veteran's Memorial Plaza was dedicated in 2001; and
WHEREAS, the City of Lodi advanced the funding for the Plaza in the amount of
$450,000 to the Lodi Veteran's Monument Foundation, a non-profit corporation of California;
and
and
WHEREAS, annual payments were scheduled to be received by July 1 of each year;
WHEREAS, the current balance owing on the loan is $359,950; and
WHEREAS, because very few members of the original foundation remain, the
Foundation was dissolved in 2007, and the original organization to which donations were
being made and from which repayment to the City of Lodi can be made no longer exists; and
WHEREAS, an endowment was established to pay for the maintenance of the
memorial over the course of its useful life, and donations to the Lodi Improvement
Foundation-endowmentfor the Veteran's Memorial Monument are now being accepted; and
WHEREAS, staff recommends that the balance of the loan be written dr in order to
clear the records related to the dissolution of the Lodi Veteran's Monument Foundation.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council hereby forgives
the Lodi Veteran's Monument Foundation loan balance and hereby writes off the debt in the
amount of $359,950.
Date: February6, 2008
hereby certify that Resolution No. 2008-15 was passed and adopted by the Lodi
City Council in a regular meeting held February 6,2008, by the following vote:
AYES: COUNCIL MEMBERS — Hansen, Johnson, Katzakian, and
Mayor Mounce
NOES: COUNCIL MEMBERS— Hitchcock
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS— None
NIFER . PERRIN
eputy City Jerk
2008-15
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